Stanbic Bank of Uganda Cuts Rates, Following the Central Bank

June 11 (Bloomberg) -- Stanbic Bank Uganda Ltd., the
nation’s biggest lender, said it will cut its main lending rate
by 1.5 percentage points this month after the central bank
reduced its benchmark interest rate.

Stanbic will lower its prime lending rate to 27 percent on
June 29, the Kampala-based bank said in an advertisement
published today in New Vision newspaper. The central bank on
June 1 cut the benchmark interest rate by a percentage point to
20 percent, the third reduction this year.

Shop owners in Kampala closed for several days in January
to protest commercial bank rates of as high as 35 percent, after
the central bank had raised it key rate by 10 percentage points
to 23 percent in the four months to November after introducing
the rate in July.